Posts Tagged ‘ paying off debts ’

Lender might repossess van even after several years of non-payment

Dear Experian, I took out a loan for a van in 2008 and lost my job shortly afterwards. I only made two payments on it. The lender never came looking to take back the vehicle. This past week I received a letter from them stating that they want the van. What are my options? Can you help? - GLM

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Recent late payments hurt credit scores the most

Dear Experian, Why has my credit score dropped 42 points? There is a late payment on one of my cards which has since been brought current, and four of my accounts have been paid off and have a "0" balance. Why doesn’t my score increase as quickly when I pay off accounts as it does when I miss a payment? - KRS

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Accounts still show payment history and amount past due when sent to collections

Dear Experian, I have a couple of accounts that were purchased by another lender or collection agency. I have paid them off and they do show closed, but they still show a balance. Is this negative? Should I dispute? - RYD

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Balance on collection account may not be updated until it is paid in full

Dear Experian, I have a "charge off" credit card account on my credit report that I have been repaying for over a year. I am paying the original creditor, as they handled their own collections. Why aren't these payments showing on my credit report? - KML

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Paying everything off may not improve scores immediately

Dear Experian, I have paid everything off, except for one dispute. Why has my credit score not improved? - RRD

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Never send debt payments to credit reporting companies

Dear Experian, How and where can I repay or pay on a debt that's on my credit report? - TCP

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Paying off all debts will help scores in the long run

Dear Experian, I was told by a realtor that paying off everything on my report will cause my score to drop. Is this true? - STM

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Is it better to pay off one credit card or reduce the balances on two?

Dear Experian, If I am trying to raise my credit score, it is better to pay off one credit card entirely or pay down the balance of two cards without paying off either one? - ECH

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How long before paid credit cards are updated

Dear Experian, I just paid off a lot of my credit card debt. When will I see it take effect on my credit report? - DUK

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How long before information is completely removed from your credit report

Dear Experian, How long does it take to have something completely taken off your credit report and boost your credit once paid off? - ADA

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Limited credit history could be preventing mortgage qualification

Dear Experian, I am trying to buy a house, and my credit score just needs to go up by one point. The only credit I have is a credit card with a $900 balance and $1,500 limit. If I pay it down to $500 would this raise my score? - NDR

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Getting credit report updated quickly after debts are paid

Dear Experian, I'm paying off all of my husband's debt rather than settling. I'm capable of paying the balances in full and am getting confirmation of “paid in full” for theses accounts. Is there a way to speed up the process of having the credit bureaus update his credit file and score so that it immediately reflects that his payments have been made for these debts? May I contact the agencies directly to provide them with this information? - MDW

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What happens when you pay off “bad” credit

Dear Experian, When a piece of "bad" credit exists on my report, what happens if I pay it off? Is it automatically updated to "good" credit? Does it still reflect negatively on my report? Are the months that I could not pay still reflected, but changed to a $0 balance? - GTH

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